Showing 61 - 70 of 14,799
The 19th century was a period of great transformations for Italy. Political unification was achieved in 1861 while economic unification was still far off. Ever since, Italian industrialization has been unbalanced, as the pre-existing gap between Northern and Southern economic development has...
Persistent link: https://www.econbiz.de/10005870396
This paper develops data on the history of wages and prices in Beijing, Canton, Suzhou/Shanghai in China from the eighteenth century to the twentieth and compare them with leading cities in Europe, Japan and India in terms of nominal wages, the cost of living, and the standard of living. In the...
Persistent link: https://www.econbiz.de/10005870478
This study analyzes a two-country dynamic general equilibrium model with nominal rigidities,monopolistic competition and producer currency pricing. A quadratic approximation to the utility ofthe consumers is derived and assumed as the policy objective function of the policymakers.It is shown...
Persistent link: https://www.econbiz.de/10005871073
This paper provides a new theory of international capital ows. In a frameworkthat integrates factor-proportions-based trade and nancial capital ows, a novel forceemerges: capital tends to ow towards countries that become more specialized incapital-intensive industries. This `composition' eect...
Persistent link: https://www.econbiz.de/10008939839
The regulation of drug prices is an excellent example of the type of tensions that are emerging inthe UK's new system of multi-level governance. Both the benefits and regulatory burden of thePharmaceutical Price Regulation Scheme (PPRS) are regionally concentrated. However, thoseregional...
Persistent link: https://www.econbiz.de/10009022230
This paper presents a two-country dynamic general equilibrium model with imperfectcompetition and nominal price rigidities in which productivity shocks coexist withmarkup shocks. After analyzing the features of the optimal cooperative solution, we showthat this allocation can be implemented in a...
Persistent link: https://www.econbiz.de/10009138464
Recent literature on the design of optimal monetary policy has shown that deviations fromprice stability are small whenever prices are sticky. This paper reconsiders this issue byintroducing capital accumulation in the model. Optimal monetary policy in this setupimplies small deviations from...
Persistent link: https://www.econbiz.de/10009138466
This paper exploits data on the pattern of violence across regionsand over time to estimate the impact of the peace process in NorthernIreland on house prices. We begin with a linear model that estimatesthe average treatment effect of a conflict-related killing on house prices-showing a negative...
Persistent link: https://www.econbiz.de/10009138507
This paper uses a unique data set on more than 600,000 mortgagecontracts to estimate a credit supply function which allows for risk-heterogeneity. Non-linearity is modeled using quantile regressions. Wepropose an instrumental variable approach in which changes in the taxtreatment of housing...
Persistent link: https://www.econbiz.de/10009248804
This paper investigates the relative role of price discovery between two long-term swap contracts that exchange U.S. dollars for Japanese yen - the cross-currency basis swap and the foreign exchange (FX) swap - using structural state space models. Our main findings are that: (i) the currency...
Persistent link: https://www.econbiz.de/10009248829